QuidelOrtho Analysts Cut Their Forecasts After Downbeat Results
Portfolio Pulse from Avi Kapoor
QuidelOrtho Corp (NASDAQ:QDEL) reported Q4 2023 results below expectations with adjusted EPS of $1.17 versus the consensus of $2.05, and sales of $742.60 million against an expected $796.91 million. The company's FY 2024 revenue and EPS forecasts also fell short of consensus estimates. Following the announcement, QuidelOrtho's stock price dropped 29.3% to $47.19. Analysts from Raymond James, RBC Capital, Craig-Hallum, and William Blair adjusted their price targets and ratings in response to the disappointing results.
February 14, 2024 | 5:57 pm
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QuidelOrtho's Q4 earnings and FY 2024 forecasts fell short of expectations, leading to a significant 29.3% drop in stock price and analyst downgrades.
The significant miss in both quarterly earnings and sales against consensus estimates, coupled with a weaker-than-expected forecast for FY 2024, directly impacts investor sentiment and stock valuation. The immediate reaction was a sharp decline in stock price, reflecting the market's adjustment to the new information. Analyst downgrades and price target adjustments further validate the negative outlook for QDEL in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100